Esoteric Testing Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Germany, UK, China, Canada - Size and Forecast 2024-2028

Esoteric Testing Market Size 2024-2028

The global esoteric testing market size is estimated to grow by USD 25.84 billion at a CAGR of 13.64% between 2023 and 2028. The market's growth is influenced by several key factors, including the rising incidence of chronic diseases, an uptick in new product introductions, and a surge in merger and acquisition endeavors. As chronic conditions become more prevalent, there's a growing need for innovative healthcare solutions to address these challenges. The influx of new products entering the market reflects a dynamic landscape driven by technological advancements and evolving consumer preferences. Additionally, the uptick in merger and acquisition activities indicates a trend toward consolidation and strategic partnerships aimed at enhancing market presence and competitiveness. These factors collectively contribute to the market's growth trajectory, shaping the future of healthcare delivery and patient outcomes.

Esoteric tests are useful in the early detection of chronic diseases. Chronic diseases are one of the leading causes of disability and death worldwide. The three main chronic diseases are cardiovascular disease, chronic obstructive pulmonary disease (COPD), and type 2 diabetes, often caused by high blood pressure (BP), blood cholesterol, and obesity. In addition, chronic diseases such as heart disease, asthma, cancer, and diabetes are generally not curable. These diseases can indeed be prevented and controlled through various measures, including exercise, a healthy diet, and early detection and treatment. Additionally, managed care organizations play a role in providing comprehensive care, and technologies like real-time PCR can aid in early detection. Expanded care delivery models also play a crucial role in ensuring access to preventive and treatment services. These diseases are diagnosed in a clinical laboratory. Hence, the increasing prevalence of chronic diseases will drive the growth of the market during the forecast period.

What will be the Size of the Market During the Forecast Period?

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Market Segmentation

End User Analysis

The market share growth by the Endocrinology  segment will be significant during the forecast period.  This market caters to the diagnosis and management of Rare genetic disorders, Immunology Testing, Genetic Testing, Endocrinology tests, Oncology tests, and Toxicology Testing. With the increasing number of Cancer cases, there is a growing demand for these tests to aid in disease diagnosis, prognosis, and therapeutic treatment. The clinical laboratory industry relies on complex apparatus and trained personnel to handle Rare molecules and deliver Expanded care delivery.

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The Endocrinology segment was valued at USD 3.88 billion in 2018. The market for these tests is driven by the growing healthcare expenditure and the shift towards Personalised medicine using Sophisticated chemicals. Key areas of focus include Neurology Testing and the development of new diagnostic tools for various diseases.

By Region

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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. Factors such as the adoption of advanced technologies coupled with a well-established healthcare infrastructure will drive the growth of the market in the region. Several hospitals and clinics in the area are adopting esoteric testing services to effectively diagnose and treat a rapidly growing number of patients.

Furthermore, the growing number of corporate wellness programs and travel and tourism activities are driving the growth of the market. In the US, many organizations offer healthcare as part of their corporate wellness program, which is increasing the adoption of clinical laboratory services. The growing demand for esoteric tests from government organizations for procedures like visa approval is also driving the growth of the market. Hence, such factors are expected to drive market growth in this region during the forecast period.

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Key Market Players 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

The University of Utah:  The company offers esoteric testing, such as in-house esoteric testing panels, under the lab called ARUP Laboratories.

• ATS GENETECH PVT. LTD.
• Bio Rad Laboratories Inc.
• Creative Biogene
• Cytek Biosciences Inc.
• EMSL Analytical Inc.
• Enzo Biochem Inc.
• Intertek Group Plc
• IQVIA Holdings Inc.
• Kindstar Globalgene Technology Inc.
• Laboratory Corp. of America Holdings
• Machaon Diagnostics Inc.
• MedGenome Labs Ltd.
• Merck KGaA
• Microbac Laboratories Inc.
• Miltenyi Biotec B.V. and Co. KG
• Oncquest Laboratories Ltd.
• Rochester Regional Health
• Sonic Healthcare Ltd.
• Yoda Diagnostics

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Dynamics and Customer Landscape

Esoteric testing plays a crucial role in precision medicines by enabling early diagnosis of various conditions, including cardiovascular diseases, Dengue, Hepatitis B, Hepatitis C, and rare genetic disorders. This type of testing often involves advanced techniques such as mass spectrometry, enzyme-linked immunosorbent assay, real-time polymerase chain reaction, and multiplexing to analyze hormones, proteins, antibodies, nucleic acids, and other rare molecules. Due to its complexity, esoteric testing requires complex apparatus and trained personnel to perform tests accurately and efficiently. It is commonly used in immunology testing, genetic testing, endocrinology tests, oncology tests, toxicology testing, and neurology testing to provide valuable insights for patient care. Our researchers analyzed the data with 2023 as the base year, along with the key trends and challenges. 

Significant Market Trends

Growing emphasis on expansions of esoteric testing facilities is a primary trend in the market. An increase in the global average age due to an increase in longevity or life expectancy will lead to an increase in the number of elderly people in the world. In addition, advances in medicine and healthcare have resulted in fewer cases of disability. The increase in the elderly population has led to an increase in healthcare costs related to regular health check-ups, disease diagnosis, treatment, and surgery.

Furthermore, the most common problems affecting the aging population are Alzheimer's disease (AD), cardiovascular disease, osteoarthritis, diabetes, and cancer. Since the elderly have weak immunity and metabolism, they need frequent diagnostic testing. This increases the demand for esoteric testing services. As a result, the growing aging population globally, especially in countries like Japan and Italy, will boost the growth of the market during the forecast period.

Major Market Challenges

The lack of skilled clinical laboratory professionals is a challenge that affects the growth of the market. Clinical laboratory specialists are trained and certified professionals who are trained in the theoretical and practical aspects of clinical laboratory processes and procedures. Clinical laboratory professionals play different roles, such as technologists, research technologists, supervisors, administrators, or educators. Approximately 60-70% of all medical decisions regarding admission and discharge, as well as diagnosis and treatment, are determined by the relevant tests and diagnoses performed by laboratory specialists. 

However, there is still a shortage of trained professionals who can handle advanced diagnostic equipment. Lack of expertise increases the likelihood of misdiagnosis. Therefore, it is important to train staff in the use of critical diagnostic equipment. The market is very competitive. Therefore, an accurate diagnosis is essential. Hence, the lack of skilled technicians and lab professionals may impede the growth of the market during the forecast period.

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Key Market Customer Landscape

The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Market Customer Landscape

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• Type Outlook 
  • Infectious disease
  • Endocrinology
  • Oncology
  • Immunology
  • Others

• End-user Outlook 
  • Hospital laboratories
  • Clinical research laboratories and medical institutes
  • Reference laboratories

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • Rest of the World
    • Australia
    • Argentina
    • Brazil 

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Market Analyst Overview

The market is critical for diagnosing and monitoring complex diseases such as HIV, Malaria, and Tuberculosis. Advanced technologies like DNA sequencing and NGS technologies, including whole genome sequencing, enable precise analysis. Reimbursement from Medicare, Medicaid, and managed care organizations supports access to these tests. Biomarker analysis using techniques like digital PCR, pyrosequencing, and Sanger sequencing aids in disease detection. Digital microfluidic platforms and molecular phenotyping technologies provide insights for personalized medicine. With an aging population, demand for endocrinology and oncology tests is rising, necessitating chemiluminescence immunoassay, flow cytometry, and real-time PCR for accurate results and improved patient care.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2023 and 2028.
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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